The court may order the winding up, in accordance with the F2Insolvency Act 1986 or, as the case may be, the F3Insolvency (Northern Ireland) Order 1989, of an insurance company to which this Part of this Act applies and the provisions of F4theF2that Act of 1986 or, as the case may be, F5that Order of 1989 shall apply accordingly subject to the modification that the company may be ordered to be wound up on the petition of ten or more policy holders owning policies of an aggregate value of not less than £10,000.

Such a petition shall not be presented except by leave of the court, and leave shall not be granted until a prima facie case has been established to the satisfaction of the court and until security for costs for such amount as the court may think reasonable has been given.